IEA reserves may be able to make up for the supply gap, and U.S. oil fell more than 5% at one point to give up the gains since the Russian-Ukrainian war

U.
S.
oil futures fell 4% on April 11, settling at $94.
29 per barrel; At one point, it fell 5.
42% to $92.
93, the lowest since Feb.
25, almost erasing the gains since the Russia-Ukraine war, and oil prices were weighed
on fears that the new crown epidemic will cut demand in Asian consumer powers, and the International Energy Agency's (IEA) country's plan to release a record number of strategic oil reserves will make up for Russia's 1 million barrels per day oil supply gap.

Oil futures fell 4.
2% on Monday (April 11) to settle at $98.
48 a barrel, the lowest close since March 16
.
Previously, members of the International Energy Agency, including the United States, were set to release 240 million barrels of oil
over the next six months.
J.
P.
Morgan analysts said the release of the Strategic Petroleum Reserve (SPR) over the next six months was 1.
3 million barrels per day, enough to offset Russia's 1 million barrels per day oil supply gap
.
Meanwhile, the dollar strengthened against a basket of currencies for the eighth straight session, weighing on crude oil prices
.
A stronger dollar makes oil more expensive
for holders of other currencies.

Today (April 12) will release OPEC's monthly crude oil market report and EIA short-term energy outlook report, Mizuho analyst Bob Yawger said that this is the first time since the outbreak of the Russian-Ukrainian conflict, professional institutions have commented on
the monthly crude oil supply and demand dynamics.
The general consensus seems to be that Russia's oil production will be reduced by about 1-2 million b/d
.

Fuel consumption in the world's largest oil importer, the coronavirus pandemic, has stalled, could reduce the country's total oil consumption by as much as 1.
3 million b/d
, analysts at consultancy Eurasia Group said.

Earlier in talks between the EU and the Organization of the Petroleum Exporting Countries (OPEC), the EU told OPEC that OPEC could use its spare capacity to provide more oil production
.
During the OPEC meeting, the EU reiterated its call on oil producers to consider increasing production
.
The EU side also pointed out that OPEC has a responsibility to ensure a balance
in the oil market.

And OPEC informed the EU that we could see Russian oil and other liquid exports drop by more than 7 million barrels
per day due to current and future sanctions or other voluntary actions.
Given the current demand outlook, it is almost impossible
to compensate for such a huge loss of Russian export volumes.
It is impossible to completely replace Russian oil exports
.

OPEC Secretary-General Barkindo said that the current geopolitical developments in Europe, coupled with the new crown epidemic, have caused extreme market volatility, and these non-fundamental factors are beyond OPEC's control
.
The EU Commissioner also stressed that the EU is strongly committed to diversifying its energy supply in the short term and achieving carbon neutrality
in the long term.

The European Commission is drafting a proposal for an embargo on Russian oil, although no agreement has yet been reached on a ban on Russian oil, a move that could strain global oil supplies
.